Halo Resources Ltd.
OTC Bulletin Board : HLOSF

Halo Resources Ltd.

January 15, 2008 09:00 ET

Halo Reports Massive Sulphide Lens Over 1000m at Bob Lake

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2008) - Lynda Bloom, President and CEO of Halo Resources Ltd. (the "Company") (TSX VENTURE:HLO)(OTCBB:HLOSF)(FRANKFURT:HRL), is pleased to announce results for drilling at the Bob Lake deposit, at the Sherridon VMS property, northwestern Manitoba. The continued drilling at Bob Lake was primarily designed to test continuity of the 1,000 m long massive sulphide zone that plunges at 11 to 15 degrees from surface to depths of 250 m.


- Halo intersects 15 m of 1.4% copper and 1.8% zinc at 177 m in DH07-63

- Drill hole spacing at 50 m along 1000 m down plunge extent of Bob massive sulphide lens shows continuity

Lynda Bloom, President & CEO, stated, "We continue to be impressed with the widths of 5 to 17 m that have been intersected and the consistency of the grades, especially copper grades over 1%. Our intention is to complete sufficient drilling at Bob Lake to test the geometry of the orebody and advance to a 43-101 compliant resource estimate. The massive sulphide lens has now been tested at approximately 50 m intervals over a length of 1,000 m and is still open at depth. With the onset of winter, we can return to drilling the deeper extensions that were previously inaccessible."

After a short Christmas break, two diamond drill rigs have recommenced round-the-clock drilling. Numerous drill targets will be tested at Cold Lake, Bob Lake, Jungle Lake as well as several new high priority exploration targets through the winter season.

Technical Highlights

Results from six drill holes, for a total of 1,036 m, are reported in the assay table below. Drill hole DH07-63 tested the down plunge extension of a thicker part of the lens which had been intersected in previous drill holes (DH07-11 and 12). The geometry of the "bulge", a feature that appears to be injected into the hangwall, is of interest as Sherritt Gordon reported 25% of the massive sulphides in the past producing East and West Mines were associated with similar features. DH07-62 was drilled to provide drill hole spacing of approximately 50 m over the entire distance tested from surface and down plunge along the Bob Lake massive sulphide lens, which is still open at depth.

Drill holes DH07-64 through DH07-67 were all drilled to confirm vertical holes completed in the 1940s by Sherritt Gordon. The assays for 70 shallow holes drilled by Sherritt Gordon in 1941-1942 constitute an important proportion of the Bob Lake database; the good correlation between the historical and current drilling allows the historical mineralized intersections to be incorporated in future resource models.

Dip/ From To Interval Copper Zinc Silver Gold
Hole Azimuth (m) (m) (m)(i) (%) (%) (g/t) (g/t)
DH07-62 -61/225 176.9 191.6 14.7 1.43 1.57 10.4 0.32
DH07-63 -76/225 86.3 103.1 16.8 1.25 1.57 8.2 0.15
DH07-64 -90/0 107.5 114.5 7.0 1.41 1.97 11.8 0.24
DH07-65 -90/0 103.9 112.0 8.1 1.19 0.99 8.9 0.27
DH07-66 -90/0 103.3 107.8 4.5 1.36 2.09 9.0 0.47
DH07-67 -64/225 110.1 115.0 5.0 1.25 0.96 7.8 0.24
(i) Widths may be overstated by up to 20% in steeply dipping holes.

To view attached map please click on the following link: http://www.ccnmatthews.com/docs/hlo0115.pdf

Sampling, assaying and quality control procedures are consistent with those reported in the Technical Background of the press release issued February 15, 2007. The above information has been prepared under the supervision of Steve MacConnell, who is designated as a "Qualified Person" with the ability and authority to verify the authenticity and validity of the data.

About Halo Resources Ltd.

Halo is a Canadian-based resource company focused on the acquisition of near production base and precious base metal deposits. Currently the Company owns or has an interest in 3 projects: Duport, which is an advanced stage gold project; Red Lake, which is a gold exploration project, and the Sherridon project that is a combination of mature and grassroots volcanogenic massive sulphide (VMS) copper, zinc and gold exploration opportunities. The Company is operated by an experienced management team and backed by a strong network of mining financiers. The Company's growth strategy is to develop a diversified portfolio of advanced mining projects.


Lynda Bloom, President and CEO

This news release presents "forward looking information" within the meaning of the applicable Canadian securities laws that involve inherent risks and uncertainties. Forward-looking information includes, but is not limited to, information with respect to the proposed private placement. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to financings; risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Halo Resources Ltd. believe that the expectations reflected in such forward-looking information are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information Halo does not undertake to update any forward-looking information referenced herein, except in accordance with applicable securities laws. Trading in the securities of Halo Resources Ltd. should be considered highly speculative.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Halo Resources Ltd.
    Lynda Bloom
    President & CEO
    (416) 368-7045 or Toll Free: 1-866-841-0068
    Email: lbloom@halores.com
    Halo Resources Ltd.
    Marc Cernovitch
    (416) 368-7045 or Toll Free: 1-866-841-0068
    (416) 368-9805 (FAX)
    Website: www.halores.com